Friday, Mar 24, 2023
×
Outlook.com
×

The Online Borrow

The Online Borrow

Private moneylending has always had its risks. So what about when it’s online?

Indie Bankers Photograph by Sanjay Rawat

Earlier this year, Bhanu (full name withheld), a resident of Hyderabad, was desperate to get a fresh loan to pay the EMI for his house as defaulting ano­ther month would mean having to relinquish the house he had bought just a year ago with his wife. Not knowing what to do, he googled “easy ways to raise money” and chanced upon a peer-to-peer (P2P) lending platform called I-lend.

I-lend is among the several websites that have emerged in India over the past few years offering a platform to connect individuals who can borrow and lend money to each other at rates less than what is charged by credit institutions such as banks or NBFCs (Non-Banking Financial Companies).

Advertisement
Advertisement
Advertisement
Advertisement